YOU WILL ONLY ANSWER THIS QUESTION: What are three major lessons you can takeaway from this course and apply in your careers and work roles?
THIS INFO CAN BE USED TO HELP ANSWRR THE QUESTION: examples of other students responses, DO NOT COPY. Just gives some insight into some topics we discussed in the course.
Attached: two homework assignments that was due for the class,this can also provide some info maybe.
Example Response 1:
1. I have learned that going against the norm can prove beneficial. Red Bull has done with its non-traditional advertising and sponsorship usage. When companies use the same strategies as other companies, current or potential consumers are not drawn to the company or its products. People want new and innovative, something different that isn’t seen amongst competitors. In weekly meetings, I have begun working on obtaining new promotional items for the company giveaways Pens, notepads, and chip clips are a thing of the past. People stop by promotional tables for the essential information, promos and free items. Advertising free items that aren’t seen my competitors or doing drawings for bigger free items in a non-traditional way in my field that can attract more people to come and obtain the information of the business as well as get some free stuff.
2. I think it’s important for companies to use segmentation for target markets; in doing so, more analysis needs to be done to cover all areas of purchasing, including maintaining products. I feel like BMW did a great job advertising to target markets on the affordability of purchasing; BMW failed to mention the cost of maintaining the vehicle. My company advertises the ease of completing specific tasks online, but large amount of our consumers are veterans aged 80 and above that are not tech-savvy. I’m communicating with them, I have begun double checking the best way they want information sent to them with the internet, phone, or mail being options. Doing this ensures that the necessary information is given at their preference instead of assuming they were tech-savvy. BMW assumed its consumer could afford maintenance without adequately disclosing the cost of maintaining their products.
3. The elements of the marketing mix are essential in the success of a business. Even though companies take different routes to get their products in the hands of consumers, distribution channels, communications, policy, and pricing are all the basics used in the journey of success.
In completing cases studies throughout the course, I learned additional facts about the brand and understood what goes on behind the scenes that help make each company what/who they are. Therefore, the case studies have been beneficial throughout the course.
example response 2:
Three major lessons that I have learned from this course that I can apply to my career are the importance of brand equity, developing pricing strategies, and creating relationships that are loyal and long-term. As a contracting officer for the USAF, I establish contracts with different businesses who provide products and services to the installation. When purchasing these supplies and services, it is important for companies to understand that their brand equity plays a role in how we select or distinguish who the award will be made to. Those with a strong brand equity tend to score better on performance which can be a major evaluation factor. Now that I know more concerning brand equity, I can apply this to help make more informed decisions concerning who awards will be made to. Another important aspect to marketing is developing a pricing strategy that works for the products and services the company is providing. Not only do companies need to develop a profitable pricing strategy, they also need to consider which pricing strategy to use for certain customers. I have noticed that companies who try to use the same pricing strategy with the government that they would use with everyday customers tend to win less awards than those who adapt their pricing strategy. The government does not have the same standards or personality as customers in the open market and therefore should not be looked at as the same. Finally, building loyal long-lasting relationships with both suppliers and customers is crucial for the success of a business. Without these relationships, companies will struggle to meet customer demand which will decrease sales and negatively affect future sales. I had to terminate a contract with one company because they continually made up excuses that they could not perform the work on the contract because their suppliers were taking forever to ship the needed items. Had I known beforehand that this company did not have meaningful relationships with its suppliers, the contract would not have been awarded to them. A better understanding of each of these lessons gives me more insight into how companies operate and market themselves. This insight can be applied to and aid in the evaluation of the quotes companies provide increasing the likelihood that the contracts we award will be successful.
exanple response 3: 1. The first lesson I have learned is that continuous innovation is necessary for the continuation and growth of any business (Kotler et al.,2014). The needs of consumers keep on changing, and therefore any business needs to keep track of all the changes. For the case of BMW, they had to keep on remodeling their cars to meet the needs of the consumers and their target market. This made them stay ahead of their competitors and grow their market. This is done through employing different innovative and creative techniques to generate ideas from consumers and employees (Kotler et al.,2014). I should always aim to be innovative in my field as it keeps customers and brings new ones to the organization.
2. Marketing strategies are different for each business (Kotler et al.,2014). There is no size fits all when it comes to marketing strategies. Various strategies are employed by different companies that work depending on their target market (Kotler et al.,2014). Therefore, the company must consider its target and the strategy that better works for them. Red Bull has utilized a strategy that has been working for them for years. This is less use of media in their marketing. Instead, they have chosen to display their products in a way that attracts consumers. Media has been used later after the other strategies have worked. In my field, I should aim to create a marketing strategy that best suits the organization. This will ensure that the organization targets its market appropriately.
3. Uniqueness and brand image would always stand out for any business. This is the number one strategy that any company should use. A brand creates a unique image for the business, and most consumers would always be attracted to this (Kotler et al.,2014). This can be taken from the brand image BMW has created. The company has created an image of producing high-quality and luxurious cars which target successful consumers. This has made people trust the organization and what it can deliver. As a paralegal, I should try to create a unique image for the organization and advise the company image where necessary.
Kotler, P., Keller, K. L., Ancarani, F., & Costabile, M. (2014). Marketing management 14/e. Pearson.
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